Eastman Chemical (NYSE:EMN) Shares Purchased by Glenmede Trust Co. NA

Glenmede Trust Co. NA grew its stake in shares of Eastman Chemical (NYSE:EMN) by 5.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,193 shares of the basic materials company’s stock after purchasing an additional 1,042 shares during the quarter. Glenmede Trust Co. NA’s holdings in Eastman Chemical were worth $2,373,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Wolff Wiese Magana LLC lifted its position in Eastman Chemical by 238.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 200 shares in the last quarter. Cultivar Capital Inc. purchased a new stake in shares of Eastman Chemical during the second quarter valued at approximately $29,000. Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical during the third quarter worth $38,000. Rothschild Investment LLC purchased a new position in shares of Eastman Chemical in the second quarter valued at $38,000. Finally, Friedenthal Financial acquired a new stake in Eastman Chemical during the 2nd quarter valued at $49,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Insider Activity

In other news, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the transaction, the executive vice president now owns 47,287 shares in the company, valued at approximately $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the sale, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,021 shares of company stock worth $1,895,948 over the last 90 days. 1.93% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on EMN. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and upped their price objective for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday, November 25th. Mizuho increased their target price on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $112.86.

Eastman Chemical Stock Up 0.5 %

EMN stock opened at $104.72 on Friday. The firm has a market cap of $12.14 billion, a PE ratio of 14.02, a P/E/G ratio of 0.83 and a beta of 1.44. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The firm has a 50 day simple moving average of $106.26 and a 200 day simple moving average of $101.71.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter last year, the business posted $1.47 EPS. Eastman Chemical’s revenue was up 8.7% on a year-over-year basis. Equities research analysts forecast that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Eastman Chemical Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.